Financial News: German Factory Orders Rebound In September

German Factory Orders Rebound In September

(RTTNews) - Germany's factory orders rebounded at a stronger-than-expected pace in September driven by higher demand for auto and electrical equipments.

Factory orders expanded 1.1 percent in September from August, Destatis reported Wednesday. Orders were forecast to advance 0.9 percent, reversing a revised 0.4 percent drop in August.

Excluding large-scale orders, new orders were 1.9 percent higher than in the previous month.

The monthly growth in overall orders was underpinned by a 3.5 percent rise in foreign orders. Within foreign demand, orders from the euro area climbed 2.1 percent and orders from outside the euro area grew 4.3 percent. By contrast, domestic orders declined 2.5 percent.

The positive development of new orders in manufacturing was attributable to the increases seen in the automotive industry and the manufacture of electrical equipment. The manufacture of other transport equipment also had a positive effect.

New orders for intermediate goods gained 1.4 percent and that for consumer goods surged 6.2 percent. Meanwhile, demand for capital goods remained unchanged from the previous month.

Real turnover in manufacturing was down 2.1 percent in September, following a 0.6 percent drop in August. Compared with the previous year, turnover was 2.7 percent lower.

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